美国票据市场发展及其对中国的借鉴(中)

Lessons from US bills market develoment (Ⅱ)

美国的票据市场以工具多、规模大引领全球。该文试图沿着美国票据市场的发展轨迹,对比我国票据市场的发展现状,提出依托银行间市场开拓创新银行间票据市场,规范发展我国现有的商业汇票市场的初步设想。全文共由三部分组成,本期即第二部分着重介绍美国银行承兑汇票市场的交易主体、美联储对银行承兑汇票市场的管理以及美国银行承兑汇票市场的起源和发展。

Editor's note The US bills market leads the world with its diversified tools and large size.This paper compares the development path of the US bills market with China's current market,and puts forward suggestions on how to explore and innovate China's interbank bills market,and develop China's commercial paper market in a regulated manner.The second part of the paper,published in this issue,introduces trading parties in the US banker's acceptances market,the Fed's management of the market and its origin and development.